Global Crude Oil Prices Retreat After Briefly Crossing $100 Per Barrel

• Brent crude slipped to $96 per barrel, while WTI fell to $89.81 after both benchmarks briefly traded above $100.

• Oil prices had surged on fears of supply disruptions linked to attacks on Saudi-connected oil tankers in the Middle East.

• OPEC’s planned production increase helped ease market concerns, although renewed geopolitical tensions continue to pose risks.

Global crude oil prices declined on Friday after briefly climbing above $100 per barrel a day earlier, as markets reacted to fresh supply assurances despite lingering geopolitical tensions in the Middle East.

Market data showed that Brent crude dropped about three per cent to $96 per barrel, while West Texas Intermediate (WTI) crude fell by 2.58 per cent to $89.81 per barrel. The decline came after both benchmarks rallied on Thursday, with Brent reaching $100.67 per barrel and WTI climbing to $92.19.

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The earlier price surge was driven by concerns over disruptions to global oil supplies following attacks by Houthi militants on Saudi-linked oil tankers, raising fears about the security of major energy shipping routes.

However, oil prices eased after the Organisation of the Petroleum Exporting Countries (OPEC) signalled plans to increase crude production. According to reports, Saudi Arabia, Russia, Iraq, Kuwait, Algeria, Kazakhstan and Oman are expected to collectively raise their September production target by 188,000 barrels per day.

Despite the easing in prices, uncertainty remains in the energy market after the President of the United States threatened a “massive attack” on Iran, a development analysts say could trigger another spike in crude prices if tensions escalate.

The prolonged Iran-US-Israel conflict has continued to influence global energy markets, with ripple effects being felt in Nigeria. Recent increases in international crude prices have contributed to higher domestic fuel costs, prompting Dangote Refinery, petroleum marketers and depot owners to adjust pump prices upward.

Dangote Refinery’s ex-depot price for petrol currently stands at ₦1,215 per litre, while retail prices in Abuja and surrounding areas range between ₦1,300 and ₦1,340 per litre.